Kazakhstan, South Korea discuss new joint investment projects

Astana, The Gulf Observer: Kazakh Prime Minister Alikhan Smailov and Trade Minister of South Korea Ahn Duk-geun debated development of new joint investment projects, according to the reports of Prime Minister’s press service.

The Kazakh Prime Minister said Kazakhstan sees great prospects in further development of trade economic cooperation with South Korea. The countries saw strong growth of sales, in particular, last year turnover grew by 2.3 times to exceed 6.1 billion US dollars, it rose by 11% for the past eight months.

He said South Korea ranks among Top 10 largest investors in Kazakhstani economy. For the past 18 years in invested some 9.2 billion US dollars. Last year the gross inflow of direct investments from South Korea grew by 85% to reach a record 1.5 billion US dollars.

Currently there are over 700 South Korean companies working in Kazakhstan. Among the largest ones are KIA, Hyundai, Samsung and LG.

He added five investment projects worth 1.5 billion US dollars are in the implementation phase, while 25 more promising projects worth 500 million US dollars are being discussed. Construction of the new KIA plant with total investments of 190 million US dollars and production capacity of 70,000 cars a year in Kostanay is brought as one of the brightest examples of cooperation.